| Report Date | 19 March 2019 |
| Manager | NWQ Capital Management Pty Ltd |
| Fund Name | NWQ Fiduciary Fund |
| Strategy | Multi Strategy |
| Latest Return Date | February 2019 |
| Latest Return | 1.68% |
| Latest 6 Months | -4.49% |
| Latest 12 Months | -2.32% |
| Latest 24 Months | 10.22% |
| Annualised Since Inception | 5.56% |
| Inception Date | 01 May 2013 |
| FUM (millions) | AU$76 |
| Fund Overview | The NWQ Fiduciary Fund (Fund), managed by NWQ Capital Management, is a diversified multi-manager portfolio, modelled on NWQ's Fiduciary Model Portfolio. The principal investment objective of the Fund is to produce attractive positive returns irrespective of market direction. This is achieved through active allocations to selective fund managers that employ a variety of traditional and absolute return strategies. The Fund places emphasis on managers who demonstrate a rigorous and repeatable investment process that has delivered a strong track record.
The Fund aims to produce returns, after management fees and expenses of between 8% to 11% p.a. over rolling five-year periods. Furthermore, the Fund aims to achieve these returns with volatility that is a fraction of the Australian equity market, in order to smooth returns for investors. |
| Manager Comments | The NWQ Fiduciary Fund rose +1.68% in February, taking annualised performance since inception in May 2013 to +5.56% with an annualised volatility of 4.91%. By contrast, over the same period the ASX200 Accumulation Index has returned +7.67% per annum with an annualised volatility of 11.14%. The Fund's historical performance statistics demonstrate superior downside performance; Sharpe ratio of 1.20 vs the Index's 0.75, average negative return of -0.96% vs the Index's -2.52%, maximum drawdown of -7.04% vs the Index's -13.73% and down-capture ratio of only 6.79%.
NWQ noted the 'risk on' sentiment continued in February and drove the major equity indices higher. The prevailing market sentiment continued to present challenges for the long/short strategies employed by the Fund's underlying managers as these strategies prioritise company fundamentals. However, there were pockets of strong performance in February which NWQ see to be a positive sign that conditions are becoming more favourable for these types of strategies. |
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